BREAKING: Tinubu Enlists Banks For Cash Distribution To Nigerians (DETAILS)

BREAKING: Tinubu Enlists Banks For Cash Distribution To Nigerians (DETAILS)

President Bola Tinubu is taking a different approach from his predecessor, ex-President Muhammadu Buhari, in providing financial support to impoverished Nigerians.

Instead of relying on the poverty register used by the previous administration to select beneficiaries for a monthly N5000 stipend, which often led to difficulties in tracing recipients, Mr. Tinubu is engaging with banks to directly disburse cash to the masses.

In a live broadcast on Monday evening, Mr. Tinubu announced that cash assistance would be provided to help alleviate the impact of the removal of fuel subsidy on millions of Nigerians.

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Unlike the previous regime, where the government handled the verification process for beneficiaries, this time, banks will be responsible for verifying the eligibility of recipients before distributing the funds.

He said: “In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and appropriate transaction structure for all stakeholders,”

Mr. Tinubu emphasized the involvement of Development Finance Institutions, commercial banks, and microfinance banks in developing a viable and appropriate transaction structure that would benefit all stakeholders.

The decisions made by President Tinubu during his first two months in office demonstrate a different approach to governance compared to his predecessor, despite both being elected on the same platform, the All Progressives Congress (APC).